empty
 
 
01.02.2016 11:39 PM
Daily analysis of GBP/USD for February 02, 2016

The GBP/USD rallied above the 200 SMA at H1 chart and now we can see it broke the highs made during the January 29th session. That move is calling for a more extended higher structure towards new levels above the resistance zone of 1.4466. If Cable achieves in break that inflection area, then we can expect a continuation until the 1.4531 level. MACD indicator is still at positive territory and does not show signs of a trend-reversal.

This image is no longer relevant

H1 chart's resistance levels: 1.4406 / 1.4531

H1 chart's support levels: 1.4423 / 1.4373

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4406, take profit is at 1.4531, and stop loss is at 1.4401.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback